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OTP's profit rises as foreign units counter slowdown

OTP Bank Rt said profit rose 52% in the fourth quarter as $1.3 billion of acquisitions in the region more than mitigate a slowdown at home in Hungary.

Net income rose to Ft 40.9 billion ($193.6 million), or 155 forint a share, from a restated Ft 26.9 billion a year earlier, the bank said in a statement today. Profit growth was the fastest since 2004 and accelerated from 4.7% in the third quarter. OTP's Bulgarian unit, the company's biggest foreign business, led profit growth. “Our foreign banks are increasingly contributing to earnings,” Chairman and CEO Sándor Csányi said in Budapest today.